Tesla's board approved a significant interim stock award for CEO Elon Musk, valued at approximately $30 billion. This payout consists of 96 million shares, contingent upon Musk continuing as CEO for two years. The compensation plan, with a set exercise price equal to a prior contract, aims to retain Musk's leadership as the company faces declines in electric vehicle sales and stock performance. The board highlighted Musk's value to Tesla, stating they will develop a more comprehensive long-term compensation strategy for his role.
Tesla Inc. has approved a $30 billion interim stock award for CEO Elon Musk, aimed at keeping his focus on the company amidst ongoing legal disputes regarding his previous compensation package.
The interim award consists of 96 million restricted shares, which will vest if Musk remains CEO for two additional years, emphasizing the company's commitment to retaining him.
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